“It used to be, you would take an ad out in the Yellow Pages, get a few signs, and hope for the best.”
Except times have changed; and ‘hoping for the best’ is not a strategy.
Any marketing strategy, regardless of your marketing budget, product, brand, reach, or target, should be:
What is a SMART Goal?
- Specific includes what you want to accomplish and how you intend to accomplish it. Who, what, where, when, how, and why?
- Measurable means a quantifiable unit to gauge the overall success of the campaign. How will you demonstrate that the goal was met?
- Attainable means understanding the current limits of your reach, audience, and stretch goal. Is this goal realistic?
- Relevant means understanding how this campaign aligns with your key objectives or responsibilities.
- Timely means having clear start and end dates to your campaign. Don’t run a race without a defined start and finish line.
Return on Investment
Lastly, knowing the ROI – return on your investment – is a wonderful barometer for your marketing strategy or campaign. If you spend $100 on ads, which generates $200 in new business, the ROI of the campaign is 100%. Even better when you calculate the Lifetime Customer Value of your consumers. A $100 investment today can net thousands over the lifetime of that customer.
If it can be measured, it can be improved. Lacking any of these will result in disappointment.
Because, after all, ‘hope’ is not a strategy.